New Delhi, March 3: Gold prices soared for a fifth successive session in the global markets Tuesday amid escalating conflict in the Middle East and a surge in energy prices.

MCX gold April futures surged to ₹1,66,199 per 10 grams gaining 2.53 per cent on Monday, while MCX silver May futures eased 0.90 per cent to ₹2,80,090 per kg.

India’s Multi Commodity Exchange will remain closed for the first half of trading on Tuesday for Holi, with evening trading resuming at 5 pm.

Also Read: Odisha Govt Forms Working Group Amid Middle East Crisis, Issues 24‑Hr Toll‑Free Helpline

Tensions in West Asia pushed investors toward safe‑haven assets and raised concerns about inflation in the US and about the Federal Reserve leaving interest rates unchanged for longer.

Spot gold rose 0.8 per cent to $5,360 an ounce, while US gold futures gained roughly 1 per cent and spot silver advanced about 1.9 per cent to $91.11 an ounce.

The dollar index surged 0.19 per cent to 98.57, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.

US President Donald Trump said the military offensive against Iran will continue for as long as it takes. Tehran reportedly targeted oil and gas infrastructure in Saudi Arabia and threatened shipping in the strategic Strait of Hormuz. Meanwhile, Israel announced a “wave of strikes” targeting Iran’s command centres.

Iran's retaliatory strikes on oil and gas facilities have heightened fears of supply disruption, lifting oil prices and stoking inflation worries.

US crude futures rose 1.4 per cent to $72.23. Brent crude gained 1.87 per cent to trade at $79.2 per barrel in early session on Tuesday.

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Investors remain keen on cues from US Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data for assessing direction of Federal Reserve policy.

Gold has rallied nearly 25 per cent in 2026 after rising 64 per cent last year amid robust central bank buying, inflows into exchange‑traded funds and concerns about the US Federal Reserve's independence.

(IANS)